Previously, the CNBC has claimed that Coinbase was most probably going to go down a quite evident road on the way to becoming a public firm.
As per the screenshots revealed together with the Twitter post, the San Francisco-based cryptoexchange has nearly 25 million clients, with approximately 600,000 people engaging in cryptotrading every month. The company has successfully made nearly 500 million dollars in 2017with 80 percent of the revenue coming from consumers. The company’s latest news about the approval of the cryptoexchange as an independent custody provider in the state of New York will definitely only better its earnings.
The initial public offering that Coinbase is preparing to hold has some interesting points about it. It is going to join the few dominant stock exchange companies to establish a direct tie in with the price and efficiency of digital currencies, as the firm’s own efficiency greatly relies on the well-being of the digital currency economic sector.
With that arises the question regarding the reason behind the financiers, refraining from contributing their funds to digital currencies directly, instead of financing one of the many firms, which assists the progress of cryptocurrency acquisition, stewardship of the digital assets, and, of course, cryptotrading.
The digital currency firms have recently doubled down on the on the pursuit of IPOs, with the Bitmain cryptoexchange among such companies. The new market conditions provide the Wall Street financiers with the opportunity to become engaged in the cryptoindustry without diving deep into it. Additionally, it creates a new capital for the sector that has long been limited mainly to existing digital currency owners regarding the pools of potential capital.